Across
- 5. Certificates that could be used to purchase government-owned property during privatization.
- 11. Forced common ownership of factors of production; Used in the former Soviet Union in agriculture and manufacturing.
- 16. An economic and political system in which factors of production are collectively owned and directed by the state; A theoretically classless society in which everyone works for the common good.
- 21. The shift of an economy, or part of an economy, from private ownership to government ownership.
- 22. An independently owned group of Japanese firms joined and governed by an external board of directors in order to regulate competition.
- 23. The fundamental restructuring of the Soviet economy; Policy introduced by Gorbachev.
- 24. The successor of the European Coal and Steel Community, established in 1993 by the Maastricht Treaty.
Down
- 1. The production process requires large amounts of capital in relation to labor.
- 2. The gross domestic product on a per person basis; Can be expressed in current or constant dollars.
- 3. The number of people per square mile of land area.
- 4. An economic system in which the allocation of scarce resources and other economic activities results from ritual, habit, or custom.
- 6. An economic system in which private citizens own and use the factors of production in order to generate profits.
- 7. China’s second Five-Year Plan, began in 1958, which forced the collectivization of agriculture and rapid industrialization.
- 8. A market in which goods and services are sold illegally.
- 9. An economic system that has some combination of traditional, command, and market economies; Also see modified free enterprise economy.
- 10. A comprehensive, centralized economic plan used by the Soviet Union and China to coordinate the development of agriculture and industry.
- 11. An economic system characterized by a central authority that makes most of the major economic decisions.
- 12. The central planning authority in the former Soviet Union that devised and directed Five-Year Plans.
- 13. The independent Polish labor union founded in 1980 by Lech Walesa.
- 14. An Organized way a society provides for the wants and needs of its people.
- 15. The worst period of economic decline in U.S. history, lasting from approximately 1929 to 1939.
- 17. An economic system in which the government owns some factors of production and has a role in determining what and how goods are produced.
- 18. Conversion of state-owned factories and other property to private ownership.
- 19. Meeting place or arrangement through which buyers and sellers interact to determine the price and quantity of an economic product; May be local, regional, national, or global.
- 20. An economic system in which supply, demand, and the price system help people allocate resources and make the WHAT, HOW, and FOR WHOM to produce decisions; Same as free enterprise economy.